Marsh & McLennan Cos. Proposed Senior Unsecured Debt Rated 'A-'


NEW YORK (S&P Global Ratings) March 14, 2019--S&P Global Ratings said today 
that it assigned its 'A-' debt ratings to Marsh & McLennan Cos.' (MMC) 
proposed EUR $550 million senior unsecured euro notes due 2026 and proposed 
EUR $550 million senior unsecured euro notes due 2030. We expect MMC to use 
the proceeds from the offering partially to fund its proposed acquisition of 
Jardine Lloyd Thompson plc (JLT; including the payment of related fees and 
expenses, and to repay certain JLT debt) as well as for general corporate 
purposes. These euro issuances come subsequent to MMC's $5 billion note 
issuances in January 2019, providing incremental financing related to the JLT 
acquisition. Post issuances, we continue to expect adjusted leverage of about 
3.4x-3.6x pro-forma for the combined company.

Our 'A-' long-term issuer credit rating on MMC reflects its strong business 
risk profile and intermediate financial risk profile. MMC derives its strong 
business position from its well-established and diversified global platform in 
its risk and insurance-services and consulting segments. Our financial risk 
assessment includes our expectation that the company will de-lever to the 
mid-2x area over the next two years following its acquisition of JLT. The 
negative outlook reflects the elevated leverage levels following the JLT 
transaction and execution risk associated with a large transaction.
We work across the world

From London to San Francisco, to our home base in (Saint Helier) Jersey, we’re looking for extraordinary and creative scientists to help us drive the field forward.

AC Investment Inc. currently does not act as an equities executing broker or route orders containing equities securities. If AC Invest’s business model were to change and it begins routing non-directed orders in NMS securities, it will comply with the disclosure requirement of Rule 606.

77 Massachusetts Avenue Cambridge, MA 02139 617-253-1000 pr@ademcetinkaya.com